Winmark Corp., the parent of Play It Again Sports, reported earnings rose 10.4 percent in the fourth quarter to $8.46 million, or $2.08 per share, from $7.66 million, or $1.83, for the same period last year.
Revenues rose 4.7 percent to $17.9 million from $17.1 million. Revenues primarily consist of royalties from its franchised businesses and leased income. Franchises include Plato’s Closet, Once Upon A Child, Play It Again Sports, Style Encore, and Music Go Round.
For the full-year, profits rose 6.7 percent in the year ended December 28, to $32.1 million, or $7.84 a share, from $30.1 million, or $7.26, a year ago. Revenues were $73.3 million against $72.5 million, up 1.1 percent.
“Our increased operating results in both the fourth quarter and full-year 2019 were due to the improved performance of our core franchising business,” commented Brett D. Heffes, chief executive officer.
At December 28, 2019, Winmark had 1,256 franchises in operation. An additional 38 retail franchises have been awarded but are not open.
Photo courtesy Play It Again Sports
